UniBanka to purchase exporters' receivables towards Italy

UNIBANKA will start taking over the receivables of Slovak exporters towards Italian customers.

The bank will purchase receivables maturing within 180 days for up to 95 percent of their face value, the news wire TASR wrote.

"When an exporter submits his receivable towards an Italian customer, the obligation will be taken over by the bank, or our Italian contractual partner Uni Credit Factoring," said Ivica Bachledová, head of structural financing at UniBanka .

This offer will not be extended to other countries since Italy's UniCredito Italiano Group owns 77.21 percent of UniBanka.

For the first quarter of 2003, UniBanka's after-tax profit accounted for Sk115 million (€3 million), up by 50 percent year-on-year.

UniBanka's second most important shareholder is the European Bank for Reconstruction and Development, with a 19.9 percent stake. The Economy Ministry holds 1.09 percent.

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